Nov. 19 (Bloomberg) -- Foot Locker Inc., the largest U.S.
athletic shoe store chain, surged to its highest in New York
trading in more than three years after reporting third-quarter
earnings that topped analysts’ estimates.

Foot Locker, led by Chief Executive Officer Ken Hicks, has
cut back on promotional events to boost revenue, while
benefiting from lower rental costs in U.S. shopping malls. The
retailer is operating 127 fewer stores than last year.

Third-quarter profit was $52 million, or 33 cents a share,
compared with a loss of $6 million, or 4 cents, a year earlier,
the New York-based company said in a statement yesterday after
the market closed. Analysts predicted earnings per share of 16
cents, the average of 13 estimates compiled by Bloomberg.